illy type ngle spac separate sheet of paper. Graphs and diagrams must be hand drawn. Submit the answer sheets in the drop box as a PDF document. 1. What are barriers to entry? Explain the five different types of barriers to entry in monopoly with suitable examples. 2. Explain the supply curve of a perfectly competitive firm. Why doesn't a monopoly have a supply curve? EXPLAIN. 3. Suppose the widget industry is perfectly competitive and faces constant returns to scale. A monopoly purchases all widget producers in the market. List four ways in which the market outcome under monopoly will differ from the market outcome under perfect competition. Illustrate with a graph. 4. Explain Michel Porter's Five Forces Model with the diagram. Explain all five forces in detail with suitable examples. 5. What is an oligopoly? Explain the collusion model and price leadership model with suitable examples. 6. List three reasons why oligopolies are inefficient. 7. Compare perfect competition and monopolistic competition. In what ways are they similar? In what ways are they different? 8. How does a firm in monopolistic competition decide whether to operate at a loss or shut down in the short run? 9. What is the main difference between monopolistic competition and monopolies? 10. Discuss the pros and cons of product differentiation and advertising. Note the following restrictions: You must make an honest effort to actively gather the answers by yourself. The lack of a good faith effort on your part will be considered academic dishonesty. Such incidents will not be tolerated and will be handled according to course and college policy. OF 5 O= Notification Int